Financial Advice Not In My Best Interest.

Strategies For Wealth - Financial Advice Not In My Best Interest.
Strategies For Wealth - Financial Advice Not In My Best Interest.
An employee and financial coach (the employees brother) at "Strategies For Wealth", in White Plains, NY, advised my wife and I that we should set up a whole life plan (for me and my 2 year old son) and term life (for my wife and I) and to use the whole life as a savings vehicle instead of contributing to an IRA/401K. My wife and I were finding the payments were tough to make and we even told these guys we weren't sure if we could do it. But they pushed and pushed and we finally just agreed thinking they had our best interest in mind. After doing some research and realizing this wasn't in my families best interest (the sales rep, and his brother, who set it up make a LOT of commission off of whole life plans so of course they would steer me away from an IRA/401k where they would get squat). So I emailed to ask them if they could change it (as they are suppose to since they set it up) as I wanted to lose the whole life plans but keep the term (reduced to what we can afford). They called me up and told me they no longer want to deal with me as they were "severing the relationship" since I was choosing not to take their advice and to call the insurance company (Guardian) myself to make the changes (which isn't easy). So basically what happened was, without my whole life policies I was of no use to them. So as a result I am dropping all of my insurance with Guardian and going elsewhere. Sorry Guardian, I would have stayed with you had the guys at Strategies for Wealth not been so unprofessional and just made the changes I requested. So because of them, you are losing multiple customers. To anyone reading this I would stay away from "Strategies For Wealth" the only strategy for wealth I can see here is to make them (the company/staff) more wealthy on the clients inexperience/lack of knowledge. When I called Guardian Life Insurance to make the changes, they said "you know, your agent should really be doing this" so I explained to them "my agent broke up with me and doesn't want to do it" and they were in shock at how unprofessional that was.
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Stay away. The clients best interest is not in play here.

All they want they want you to do is to buy a whole life insurance policy.

Once the policy is signed, there is no advising. Stay away at all costs.


I don't trust this company at all. I too had a bad experience with them.

Peter Lichtenberg is like a car salesman. Very unscrupulous. He wanted us to stop putting money in our 401k and 403b and place everything in a whole life policy that we frany couldn't afford as newly weds with two kids. After telling him that we want to take another direction he emailed and told me that I wasted four hours of his time and that my wife and I are unethical!!

Very unprofessional company. I would steer far away from them


wow, totally unprofessional. Never heard of such a thing, they should be ashamed of themselves.


Thank you for sharing your experience, sounds like you guys fell victim to a very common "strategy" used by "financial advisors".


Actually, whole life insurance cash values are guaranteed to only go up, 401k's can drop. Whole life insurance gives you liquidity, 401k's do not.

Whole life insurance allows you to borrow money very inexpensively, 401k's do not.

Whole life insurance assets are protected from lawsuits, 401k's are not. If you think the 401k is the be all end all, you are not correct.


Not totally true. Your money is tied up early in premium.

cash value doest come to until around year 10-11.

Market could and should have better returns. Obviously, not guaranteed.There’s other ways to borrow money easily.You forgot to mention you’re leaving money on the table if your employer matches.

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#481647 Review #481647 is a subjective opinion of poster.
White Plains, New York

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